Sono Motors confirms exit from self-administration by 29 February
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By Bradley Osborne - 22nd February 2024
Germany – Sono Motors GmbH, a solar technology company based in Munich, Bavaria, has announced that it will exit self-administration at the end of the month and will resume its solar retrofit business for (partially) electrifying commercial vehicles.
The company announced a rescue deal with American hedge fund YA II PN Ltd, managed by Yorkville Advisors, in late 2023, several months after it became insolvent. On 6 February, the first tranche of money from Yorkville was supplied, allowing Sono Motors to execute its insolvency and restructuring plan agreed with the Munich Local Court.
